ED Cracks Down on Eros International in Rs 2,000-Crore Case

The Enforcement Directorate (ED) conducted searches at Eros International Media Ltd. as part of an investigation into Rs 2,000-crore foreign exchange violations. Accusations involve fund diversion and financial misrepresentation. The ED seized crucial documents indicating suspicious financial practices within the company and its related entities.

The Enforcement Directorate (ED) announced that it has carried out searches at Eros International Media Ltd. and its connected entities over allegations of violating a Rs 2,000-crore foreign exchange case.

According to officials, the searches took place on February 5 at five different locations in Mumbai under the Foreign Exchange Management Act. This is part of an ongoing investigation into fund diversion and financial mismanagement by Eros International and other EROS group affiliates.

Among the findings, the ED seized significant documents related to overseas transactions, properties, bank accounts, and digital devices. Investigations were triggered by a SEBI probe into the group's alleged misrepresentation of financials and fund siphoning. Eros International stands accused of inflating financial statements through fictitious transactions masked as content advances.

(With inputs from agencies.)